imagine you are an industrious and you are given an order work 20 crore rupee to a supplier and paid him in cheque how is it advantage for you for the supply and the country when you do transaction in cheque
Answers
Answer:
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Explanation:
Income Tax Department is getting more inquisitive by the day. In this period of scrapping old currency the department is calling information of cash deposits around Rs. 2 lac and more and other transactions exceeding Rs. 10 lac. An amount as big as Rs. 1 crore is bound to invite a notice from the department. You will be called upon to explain the source of funds. It could be transfer from another account, sale of property or other assets, business sales etc. If no explanation is offered it is liable to be treated as your undisclosed income. Govt is vehement that such income is liable to attract 200% penalty in addition to tax at maximum rate plus surcharge. I feel if it can be genuinely explained as income of last one or two years one needs to pay only interest for 1–2 years and no penalty as it will be a voluntary return and there should be no question of penalty. But I would suggest consulting an income tax adviser.